Daily Archives: March 2, 2023, 8:45 am

Silvergate Stock Plunges as Bank Says It May Face DOJ, Congressional and Bank Regulator Inquiries

Silvergate Bank announced it would delay the filing of its annual report on Wednesday, sending its stock price plunging over 10% in after-hours trading. The crypto-friendly bank has said it would have to delay the filing of its annual 10-K report for the 2022 fiscal year, and would need more than an additional two weeks to complete it. “The Company…

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Paul Hastings Adds Premier Commercial and Securities Litigator Jennifer Conn | Paul Hastings LLP

Paul Hastings LLP announced today that leading commercial and securities litigator Jennifer Conn, who has represented some of the world’s largest businesses in bet-the-company litigation, has joined the firm as a partner. She will co-chair the firm’s securities litigation practice. Source: Paul Hastings Adds Premier Commercial and Securities Litigator Jennifer Conn | Paul Hastings LLP

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CEO of Publicly Traded Health Care Company Charged for Insider Trading Scheme | OPA | Department of Justice

An indictment was unsealed today charging Terren S. Peizer, the CEO and Chairman of the Board of Directors of Ontrak Inc., a publicly traded health care company, for allegedly engaging in an insider trading scheme in which he fraudulently used Rule 10b5-1 trading plans to trade Ontrak stock. “Today’s groundbreaking insider trading indictment demonstrates that the Department of Justice, together…

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Life Sciences Companies Remained Frequent Securities Suit Targets in 2022 | The D&O Diary

The number of securities class action lawsuits filed against life sciences companies in 2022 declined compared to 2021 but remained relatively steady as a proportion of the total number of securities class action lawsuits filed during the year, according to a new report from the Dechert law firm. The report, entitled “Dechert Survey 2022 Edition: Developments in Securities Fraud Class…

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Prosecutors’ Case Against FTX’s Sam Bankman-Fried Becomes Clearer

“In November 2022, the general counsel of FTX.US warned employees that they should preserve documents because of the involvement of regulators, and then posted in a company Slack channel that FTX would need to be shut down,” one section of the superseding indictment said. “Bankman-Fried, however, deleted the general counsel’s message about FTX being shut down, continued to use Signal…

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